Well in Islamic banking treating credit cards as debit cards is a good approach. Spend what you have, and avail facilities at the same 0 percent interest rate. Secondly, Ijarah or Diminishing Musharikah is a totally fine model of Financing not only authorized by Mufti’s or Allamas but yet authorized by State Bank and AAOFI (International Institution for Islamic Financial matters) so if your state authorized some Islamic Banking then God forbid if it’s wrong then sin is not on you. There is a Persian saying…
الا بلا ب گردن ملا …
Islamic banking and finance are not 100% Islamic so far, but it does adhere to some Islamic principles. It is an effort to provide an alternate model for the banking and finance system, like all endeavors, it has its own flaws and deficiency because it is still evolving, but it is an effort in which everyone should play a part so that the goal to achieve an ideal state without even any little bit of discrepancy can be achieved. All companies like Unilever, Siemens, and even local co-operation take bank loans or are involved globally in a bank activity that involves Interest. So everything is haram. You currently need to start from somewhere if Islamic banking is encouraged then I do assume a day will come to all banks in Pakistan follow the same structure, therefore, taking away the last interest filth. You won’t start nothing will change.
